Rabobank Faces Enforcement Action After AML Failings

By Irene Madongo (November 16, 2021, 5:52 PM GMT) -- The Netherlands central bank has ordered Rabobank to fix weaknesses in its anti-money laundering controls and warned the cooperative bank that it faces a "punitive enforcement procedure," the lender said.

Rabobank on Monday said in a statement it has received a draft instruction from the De Nederlandsche Bank, or DNB, instructing it to address its failure to comply with the country's financial crime laws.

"These deficiencies mainly concern the execution, recording and outsourcing of client due diligence, transaction monitoring and reporting of unusual transactions," Rabobank said. "DNB has also announced that a punitive enforcement procedure will be started, the outcome of...

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